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Deposits, Withdrawals and Fund Transfers

You can record a deposit, withdrawal and fund transfers to your bank accounts. While in the case of a credit card account, you can record credit card charges or expenses, payments, and credits.

How to record a deposit?

A deposit can be recorded at various points within Zoho Books. It could be from the Record Deposit screen, like what is detailed out below, or while matching imported transactions or based on some bank rules set up for feeds.

  • Go to the Banking tab.
  • From the list of bank accounts listed, mouse over the bank account to which the deposit is to be recorded and click the actions icon.
  • In the actions menu, click the Record Deposit link and enter the details into the form that comes up. It is a simple form where you can fill in the details. The information collected on this form are essential from the accounting perspective. There are some fields like the Reference # and description, which are for your personal reference.
Recording Deposit

Deposit To

The account to which the deposit is to made. This field will be auto-filled with the bank name for which you had chosen to record the deposit.

Date

The date on which the deposit is made. This information is crucial, because this would decide when this transaction is included on the reports.

Amount

Enter the amount deposited. If the bank account is in a foreign currency, you will enter the amount deposited in the foreign currency and enter the exchange rate.

Mode

Select if the mode of transaction is cash, check, bank transfer or credit card.

From Account

The account in your general ledger from which this deposit is to be accounted for.

Received From

The company or individual from whom the deposited funds were received.

Reference #

The reference number provided by the bank or the payee for this transaction.

Description

Enter any supplementary information that you would like to add about the transaction.

How to record a withdrawal?

A withdrawal from your bank account is an expense which should be accounted on the form shown below. In most cases, your receipt of withdrawal from the bank should help you fill the information here. If you are outsourcing your accounting entries, then pinning in all your withdrawal receipts from the bank should help the person fill the information here, easily.

Recording Withdrawals

Expense Account

Select the expense account in your general ledger which is to be accounted for this expense. If you don't see an account specific to your expense, click the New Account link to add that account in.

Paid Through

By default the bank account to which the expense is being recorded is displayed. But you can change this selection if required.

Vendor

This being an expense, you are bound to be paying someone for something that you purchased. Zoho books lets you select the name of the vendor associated with this expense.

Date

The date of the transaction. Your selection here will decide when this transaction will actually be used in your reporting.

Amount

Specify the amount of expense. If your bank account is in a foreign currency, enter in the exchange rate too.

Tax

Select any tax that will be levied on this expense. If you don't see the tax listed, you can click the New Tax link to add and select a tax.

Reference #

The reference number provided by the bank for this withdrawal.

Notes

Enter any notes that you would like to retain about the withdrawal. You can also add any tags that would help you pull up this withdrawal via search.

Billable

Choose if the funds withdrawn are being used towards an expense which can be billed for. If your selection is billable, Zoho Books pulls up a list of contacts from which you can select the customer who is going to be billed.

How to record a fund transfer?

When there are fund transfers done out of your bank account, use this form to enter in the details related to the transfer. The transfer could be between accounts that have different currencies, in which case you will be asked to enter the exchange rate for the foreign currency involved.

Funds Transfer

From Account

Select the account from which the transfer is to be made. By default the bank account for which you chose to do the fund transfer is selected.

To Account

Select the account to which the funds are being transfered to. You may also select a foreign currency account.

Date

The date on which the funds were transferred.

Transfer Amount

The amount transferred has to be mentioned here. If you are doing a transfer between two accounts with different currencies, then you are given the option to select the currency in which the transfer was done.

Description

Enter a description of the transaction. Any additional information that you would like to retain for accounting purposes can be mentioned here.


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